- Cable has shown huge sell off after U.K election results. The pair declined almost 2% in the Asian session and hits 1.26500.
- U.K elections end in hung parliament and no party has gained a clear majority. There are 650 seats in total and 326 are required for a party to secure a parliamentary majority. Conservative party has won 313 seats while Labor party led by Corbyn has 260 seats.
- On the lower side the pair has broken major support of 1.270 and this confirms major weakness, a decline till 1.2580/1.2515 likely.
- The near term minor resistance is around 1.2836 (4H Kijun-Sen) and any break above will take the pair till 1.2900/1.2960. The pair should break above 1.3050 for further bullish continuation.
It is good to sell on rallies around 1.2705 with SL around 1.2805 for the TP of 1.2510.
